Where to enter QBI Carryforward loss in Turbo Tax Premier 2024

[askelrikh]

Last year's return was done by an accountant, so that 2023 Return was showing a QBI Carryforward Loss, I can't find where/how to enter prior year that value so it doesn't get lost in the future. My business didn't have activity in 2024 so it will be all zeroes, but I am think I might have some activity this year and would like to carry the loss to be used against the business income later. 

[KrisD15]

To clarify, what business are you reporting (with no income) using TurboTax Premier?

Usually QBI carryover is entered in that section of the software. 

[askelrikh]

I am a fencing coach. In 2024 I was employed on W2,  but will be doing this as self employed  in 2025. When I entered business there was no interview question about carryforward QBI. 

Which section of the interview is asking about carryforward? . 

[JamesG1]

In TurboTax Online, enter QBI carryforward as follows:

• Down the left side of the screen, click on Tax Home.
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click on Federal.
• Across the top of the screen, click on Wages & Income.
• Click the down arrow to the right of Other Business Situations.
• Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
• Enter QBI Carryovers at the screen 2023 Qualified Business Income Loss Carryovers.

Those losses carry over indefinitely until completely offset by positive QBI.

[Edited 01/29/25 | 9:45 pm PST]

@askelrikh 

[askelrikh]

I am using desktop version of Premier, can yiu please verify of it has the same steps.

[JamesG1 · Accepted solution]

QBI loss carryforward can be entered into TurboTax Desktop Premier.

• Across the top of the screen, select Federal Taxes.
• Across the top of the screen, select Wages & Income.
• Continue.
• Select I'll choose what I want to work on.
• Scroll down to Business Items and click to the right of Business Deductions and Credits.
• Click to the right of Business Loss Carryovers.

[RusselN]

If TurboTax generated a Form 8995 to calculate the carryforward losses for 2025, will the carryover losses in that calculation be taken into account for your adjusted income or do you need to do the steps you previously outlined?

[simaB]

I have the exact same question and called 3 different TT experts who couldn't give me an explanation. On form 8995 I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most of my W2 income which does not make sense at all.

Can some one answer this please?

[simaB]

I called 3 different TT experts who couldn't give me an explanation. On form 8995 from 2023, I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most of my W2 income which does not make sense at all. My modified gross income is 98k. Please let me what to do. Thanks

[ThomasM125]

You will see the QBI carryforward entry option in the business section of TurboTax, along with the Net Operating Loss carryover:

When you choose the Net Operating Loss/QBI carryforward Loss option, you will have an option to enter your QBI loss carryover and/or your Net Operating loss carryover. The QBI loss carryover will be used to reduce your qualified business income in the current year to be used to determine your QBI deduction. The deduction could be as much as 20% of your business income in the current year, but no more. Any unused loss in the current year will be carried over in TurboTax to future years without further attention on the part of the taxpayer.

If you entered a Net Operating loss deduction, it could be used to reduce your total current year income in an amount equal to 100% of the Net Operating loss. So, you have be careful to enter the loss carryover in the correct entry screen.

@RusselN @simaB